Bangkok--3 Oct--PTT
Business leaders supported by Thai and UK governments first met to discuss how to increase trade and investment between two countries
On 3rd October 2016, members of Thai-UK Business Leadership Council - 13 Thai companies led by President and CEO of PTT, Mr. Tevin Vonvanich and 11 UK companies led by the British Ambassador to Thailand, His Excellency Brian Davison – have met to jointly discuss framework of collaboration in public sector to increase trade and investment between two countries.
"The meeting is supported by the government to try to increase the value of trade and investment. On 12th July 2016, there was a joint statement in establishment of Thai-UK Business leadership council in London, United Kingdom", said Mr. Tevin.
Both Thai and British business leaders will report key takeaways from the meeting to the government of both parties for consideration in amending or reducing any regulations or barriers for ease of doing business to foster trade and investment.
Mr. Tevin said "Thai business leaders have come up with the following proposition to be proposed to British government":
1. VAT and Corporate Tax: for the UK government to consider special VAT and Corporate Tax for trade and investment to give incentive for establishing representative office within UK.
2. Workforce development
a. Work permit application for skilled employees or specialists such as chefs to work in the UK
b. Permit for Thai students finishing their degrees from schools within UK to be able to continue an internship or training for a specified time period, or for Thai students studying in Thailand to pursue short-term internship
3. Collaboration in technology and innovation: energy, petrochemical and advanced materials are the areas of cooperation that can be leveraged with industrial sector in UK
4. Business cooperation for aging population through the capability of Thai business to provide related services and personnel. This can potentially generate further business opportunity in food and insurance industry as well as in specialized products for elderly. British company can collaborate to provide support in terms of technology or technology transfer in scope of medical treatments.
Dr. Suvit Mesincee, Deputer Minister of Commerce also acknowledge business requirements from UK business leaders as follow:
1. To specify standard for defining tax rate to reduce negotiation time and increase trade and investment
2. To verify that the certification standard is internationally accepted to increase efficiency and reduce expenses in doing business
3. To permit specialists to reside in Thailand for a longer period of time and allow for ease of visa renewal process
4. To permit private sector to invest in government's owned business to increase funding for the government
Private sector has also take this opportunity to discuss about potential business collaboration such as that between PTT and Rolls Royce
His Excellency Mark Ganier, Deputy Minister of International Trade and special envoy from Prime Minister of the UK agreed that the meeting is a great starting point for the collaboration among business leaders. The council will receive support from both governments to foster trade and investment, an enabler for economic growth for both countries.
After the meeting, Dr. Suvit Mesincee and His Excellency Mark Garnier brought business leaders under Thai-UK Business Leadership Council to courtesy visit Prime Minister of Thailand, General Prayut Chano-cha, to report the progress and key takeaways from the meeting as well as to discuss on the next step forward to increase the value of trade and investment between two countries.